Filed pursuant to Rule 433. Registration Statement Nos. 333-162219, 333-162219-01, 333-179685 and 333-179685-01.
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The Trendpilot (TM) Series Notebook Trendpilot(TM) Series ETNs |
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Important notice IMPORTANT INFORMATION: The Royal Bank of Scotland plc (RBS plc), The Royal Bank of Scotland Group plc, The Royal Bank of Scotland NV (RBS NV) and RBS Holdings NV (collectively, the RBS Entities) have filed a registration statement (including a prospectus) with the Securities and Exchange Commission (SEC) for the offering of RBS ETNs to which this communication may relate. Before you invest in any RBS ETNs, you should read the relevant prospectus in such registration statement and other documents that have been filed with the SEC for more complete information about the relevant RBS Entities and offerings. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, RBS N.V., RBS plc, RBS Securities Inc. or any dealer participating in the relevant offering will arrange to send you the relevant prospectus and pricing supplements if you request by calling 1-855-RBS-ETPS (toll-free). We have derived all information contained herein regarding indices, including, without limitation, their make-up, from publicly available information. Such information reflects the policies of, and is subject to change by, the relevant index developer. We have not participated in the preparation of, or independently verified, such publicly available information. The RBS ETNs are not suitable for all investors. You should carefully read the relevant pricing supplement and prospectus, including the more detailed explanation of the risks involved in any investment in the RBS ETNs as described in the 'Risk Factors' section of the pricing supplement, before investing. |
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Risk considerations An investment in the RBS ETNs involves significant risks. The applicable pricing supplement and prospectus for the RBS ETNs will describe material risks related to an investment in RBS ETNs. These risks include the following: Credit risk of the relevant issuer and guarantor [] RBS ETNs are unsecured and unsubordinated obligations of RBS NV or RBS plc, as the case may be, and are fully and unconditionally guaranteed by RBS Holdings or RBS Group, respectively. If the applicable issuer fails to make any required payments on the RBS ETNs, your receipt of such payment will depend on the ability of the applicable guarantor to pay its obligations as they become due. [] In addition, unlike ordinary debt securities, the RBS ETNs are not principal protected and do not pay interest. The RBS ETNs are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other government agency. Market risk [] The return on an RBS ETN will depend on the performance of the underlying market measure(s) to which the RBS ETNs is linked. You may lose all or a significant amount of your investment in the RBS ETNs if the level(s) of the underlying market measure(s) were to decrease substantially. Investor fees [] The daily redemption value is the amount payable at maturity or upon early repurchase or redemption of your RBS ETNs and is reduced by the aggregate investor fee applicable to your RBS ETNs. [] As a result, the level of the underlying market measure(s) to which your RBS ETNs are linked must increase by an amount sufficient to offset the aggregate investor fee in order for you to receive at least the face amount of your investment at maturity or upon early repurchase or redemption. [] If the level(s) of the underlying market measure(s) were to decrease or not increase sufficiently, you would receive less, and possibly significantly less, than your initial investment at maturity or upon early repurchase or redemption. Liquidity risk [] Even though RBS ETNs are expected to be listed on a US securities exchange, there is no guarantee that the listing will be maintained or that a secondary market will develop. The applicable issuer is not required to maintain any listing of RBS ETNs on any securities exchange. Restrictions on your ability to offer RBS ETNs for repurchase by the relevant issuer [] Through your broker, you may offer RBS ETNs for repurchase by the applicable issuer, subject to certain restrictions and procedures described in the applicable pricing supplement. Call risk [] The applicable issuer also has the right to redeem your RBS ETNs, in its sole discretion. If the applicable issuer elects to redeem your RBS ETNs, you may not be able to reinvest your proceeds in a comparable investment. 3 |
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S and P 500([R]) Total Return Index May 31, 1991 to June 30, 2012
S and P 500([R]) Total Return Index
2,500 October 9, 2007
--- --- ------- --- -----------------
September 1, 2000 High 2,447.03
------------------- ------------- ---
Bear Market High 2,108.76
--------------- --- --- --- ------- ------
October 9, 2002
----------------------
1,975 Low 1,108.91
--------------- ------
Bull Market -47.4% decline
--------------- ------ ------ --- ---
Clos ing Level 1,450
March (9,)Low:(2009) 676.53
---------------------------
Low 1,095.March04 9, 2009
---------------------------
Low: 776.76 -55.3% decline
--------------
October 10, 2002
925
--- --- ------- --- --- --- ------- --- --- --- --- ------- ------ ------ --- --- ------------ --- --- ---
------
400
May- 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
Jun-12
91
-------------------- --- --- ------- --- --- --- ------- --- --- --- --- ------- ------ ------ --- --- ------------ --- --- ---
------
Source: Bloomberg
--- ------- --- --- --- ------- --- --- --- --- ------- ------ ------ --- --- ------------ --- --- ---
------
4
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The Trendpilot[] Methodology The Trendpilot[] Methodology uses a benchmark index simple moving average to determine when to get in and out of the market Notes: (1) Some Trendpilot[] Indices may use a 100-Index business day simple moving average. (2) Some Trendpilot[] Indices may use a three-day confirmation trigger. This slide illustrates the Trendpilot[] methodology based on hypothetical movements in a hypothetical Benchmark Index and its 100 or 200-Index business day simple moving average. It does not reflect any actual performance of any Benchmark Index or any Trendpilot Index. This slide does not demonstrate historical data, and is not an indication of how any index will perform in the future. The hypothetical illustration above also does not include any fees, transaction costs or expenses. If neither of the above conditions is satisfied, the trend of the Benchmark Index will be the same as the trend of the Benchmark Index on the immediately preceding Index business day. The Index will implement any trend reversal at the open of trading on the second Index business day immediately following the Index business day on which the Benchmark Index trend switches from positive to negative or from negative to positive, as the case may be. 5 |
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S and P 500([R]) Total Return Index
Historical index performance comparison -- May 22, 1991 to June 30, 2012
S and P 500([R]) Total Return Index (6/30/1991 to 6/30/2012) annualized returns
----------------------------------------------------------------------------------
YTD 1-Year 3-Year 5-Year 10-Year Best Annual Worst Annual
Return Return
----------- ------ ---------------------- ------ ------- ----------- -------------
9.49% 5.45% 16.40% 0.22% 5.33% 34.70% -26.21%
----------- ------ ---------------------- ------ ------- ----------- -------------
Index Dividend Yield(1) (as of 6/30/2012) 2.09%
----------------------------------------- ------ ------- ----------- -------------
Above the 200-Day Moving Average
Below the 200-Day Moving Average S and P 500([R]) Total Return Index
S and P 500([R]) Total Return Index- 200 Day Moving Average
S and P 500([R]) (Price Only) Index
2,500
2,363.79
------
2,000
1,500
Closin g Level 1,362.16
1,000
500
TM
RBS US Large Cap Trendpilot Index
Inception Date
Nov 16, 2010
0
5/1991 5/1994 5/1997 5/2000 5/2003 5/2006 5/2009 5/2012
Past performance is not indicative of future results. It is not possible to
invest directly in an index.
Source: Bloomberg. Refer to the RBS US Large Cap Trendpilot[] ETN pricing
supplement for additional information.
The graph above is the historical performance of the S and P 500([R]) Total Return
Index, S and P 500([R]) (Price Only) Index and the S and P 500([R]) Total Return Index
200-Day Moving Average. This illustration does not reflect any historical
Trendpilot Index performance. The RBS US Large Cap Trendpilot[] Index (USD) was
created on November 16, 2010.
Note: (1) Index Dividend Yield means the sum of the gross dividends paid on the
securities comprising the S and P 500([R]) Total Return Index (which is a total
return index) over the prior 12 months ending 6/30/2012 divided by the closing
level of the price return version of the S and P 500([R]) Total Return Index as of
6/30/2012.
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S and P MidCap 400([R]) Total Return Index
Historical index performance comparison -- October 20, 2000 to June 30, 2012
S and P 400([R]) Total Return Index (6/30/2001 to 6/30/2012) annualized returns
---------------------------------------------------------------------------------
YTD 1-Year 3-Year 5-Year 10-Year Best Annual Worst Annual
Return Return
------------ ------ --------------------- ------ ------- ----------- ------------
7.90% -2.33% 19.36% 2.55% 8.21% 39.38% -28.02%
------------ ------ --------------------- ------ ------- ----------- ------------
Index Dividend Yield(1) (as of 6/30/2012) 1.68%
----------------------------------------- ------ ------- ----------- ------------
Above the 200-Day Moving Average
-------
------------------------------- ------- --------
1,600 Below the 200-Day Moving average
-------
------------------------------- ------- --------
S and P 400([R]) Total Return Index
---------- -------
------------------------------- ------- --------
1,400 S and P 400([R]) Total Return Index 200-Day Moving Average
S and P 400([R]) (Price Only) Index
1,279.52
1,200
------- -------
-------------------------------
1,000
941.64
941.64
C losing Level 800
600
400
200 TM
RBS US Mid Cap Trendpilot
Index
Inception Date
Jan 24, 2011
-------
0
10/2000 10/2001 10/2002 10/2003 10/2004 10/2005 10/2006 10/2007 10/2008 10/2009 10/2010
10/2011
Past performance is not indicative of future results. It is not possible to
invest directly in an index. Source: Bloomberg. Refer to the RBS Mid Cap
Trendpilot[] ETN pricing supplement for additional information.
The graph above is the historical performance of the S and P MidCap 400([R]) Total
Return Index, S and P MidCap 400([R]) (Price Only) Index and the S and P MidCap
400([R]) Total Return Index 200-Day Moving average. This illustration does not
reflect any historical Trendpilot Index performance. The RBS US Mid Cap
Trendpilot[] Index (USD) was created on January 24, 2011.
Note: (1) Index Dividend Yield means the sum of the gross dividends paid on the
securities comprising the S and P MidCap 400([R]) Total Return Index (which is a
total return index) over the prior 12 months ending 6/30/2012 divided by the
closing level of the price return version of the S and P MidCap 400([R]) Total
Return Index as of 6/30/2012.
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NASDAQ -100([R]) Total Return Index(SM)
Historical index performance -- July 27, 1999 to June 30, 2012
NASDAQ -100([R]) Total Return Index (SM) (6/30/2000 to 6/30/2012) annualized
returns
10-Year Best Annual Worst
Annual YTD 1-Year 3-Year 5-Year Return Return
15.44% 13.72% 22.01% 7.02% 10.13% 34.74% -51.35%
Index Dividend Yield(1) (as of 6/30/2012) 0.99%
5,000
------ ------
------------------------------------------------- --------
Above the 100-Day Moving Average
4,500
------ ------
------------------------------------------------- --------
Below the 100-Day Moving Average
------ ------
------------------------------------------------- --------
NASDAQ-100([R]) Total Return Index(SM)
4,000
------
NASDAQ-100([R]) Total Return Index(SM) 100-Day Moving Average
------
------------------------------------------------- --------
3,500
3,000
2,765.21
2,500
Closin g Level 2,000
1,500
1,000
500 RBS NASDAQ-100 ([R])
Trendpilot (TM) Index (SM)
Inception Date
Nov 28,
2011
0
7/1999 7/2000 7/2001 7/2002 7/2003 7/2004 7/2005 7/2006 7/2007 7/2008 7/2009 7/2010
7/2011
Past performance is not indicative of future results. It is not possible to
invest directly in an index.
Source: Bloomberg. Refer to the RBS NASDAQ -100 Trendpilot[] ETN pricing
supplement for additional information.
The graph above is the historical performance of the NASDAQ -100([R]) Total
Return Index(SM) and the NASDAQ -100([R]) Total Return Index(SM) 100-Day Moving
Average. This illustration does not reflect any historical Trendpilot[] Index
performance. The RBS NASDAQ -100([R]) Trendpilot[] Index (USD) was created on
November 28, 2011.
Note: (1) Index Dividend Yield means the sum of the gross dividends paid on the
securities comprising the NASDAQ -100([R]) Total Return Index(SM) (which is a
total return index) over the prior 12 months ending 6/30/2012 divided by the
closing level of the price return version of the NASDAQ -100([R]) Total Return
Index(SM) as of 6/30/2012.
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BNY Mellon China Select ADR Total Return Index(SM)
Historical index performance comparison -- September 10, 2002 to June 30, 2012
BNY Mellon China Select ADR Total Return Index(SM) (6/30/2003 to 6/30/2012)
annualized returns
------------------- --------------------- -------- ----------- -------------
YTD 1-Year 3-Year 5-Year 10-Year Best Annual Worst Annual
Return Return
----------- ------- --------------------- -------- ----------- -------------
1.37% -22.40% 1.98% -2.59% - 69.73% -22.40%
----------- ------- --------------------- -------- ----------- -------------
Index Dividend Yield(1) (as of 6/30/2012) 3.29%
----------------------------------------- -------- ----------- -------------
8,000
------ ------ ---------
-------------------- --------
Above the 100-Day Moving Average
7,000
------ ------ ---------
-------------------- --------
Below the 100-Day Moving Average
---------- ------ ------ ---------
-------------------- --------
BNY Mellon China Select ADR Total Return Index(SM)
------ ------ ---------
-------------------- --------
6,000 BNY Mellon China Select ADR Total Return Index(SM) 100-
Day Moving Average
----------
S and P 500([R]) Total Return Index
5,000
4,000
4,043.06
Clo sing Level 3,000
2,363.79
2,000
1,000
RBS China Trendpilot(TM)
Index
Inception Date
Feb 27, 2012
---------- ------- ----------------------- ------ ---------------- ------ ------ ------
------------------------------
0
9/2002 9/2003 9/2004 9/2005 9/2006 9/2007 9/2008 9/2009 9/2010 9/2011
Past performance is not indicative of future results. It is not possible to
invest directly in an index. Source: Bloomberg. Refer to the RBS China
Trendpilot[] ETN pricing supplement for additional information.
The graph above is the historical performance of the BNY Mellon China Select
ADR Total Return Index(SM) and the BNY Mellon China Select ADR Total Return
Index(SM) 100-Day Moving Average. This illustration does not reflect any
historical Trendpilot[] Index performance. The RBS China Trendpilot[] Index
(USD) was created on February 27, 2012.
Note: (1) Index Dividend Yield means the sum of the gross dividends paid on the
securities comprising the BNY Mellon China Select ADR Total Return Index(SM)
(which is a total return index) over the prior 12 months ending 6/30/2012
divided by the closing level of the price return version of the BNY Mellon
China Select ADR Total Return Index(SM) as of 6/30/2012.
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Price of Gold Bullion
Historical index performance -- October 20, 1975 to June 30, 2012
Price of Gold Bullion (6/30/1975 to 6/30/2012) annualized returns
----------------------------------------------------------------- -------
YTD 1-Year 3-Year 5-Year 10-Year Best Annual Worst Annual
Return Return
------------ ------ ------------- ------- ----------------------- -------
4.14% 6.18% 19.59% 19.70% 17.51% 135.50% -34.81%
------------ ------ ------------- ------- ----------------------- -------
2,000
------ -------
--------------------------------- ---------------
1,800
Above the 200-Day Moving Average
----------
1,600 Below the 200-Day Moving Average
Price of Gold Bullion
1,598.50
----------
1,400 Price of Gold Bullion 200-IndexDay Movingbusi essAverageday simple moving average
1,200
Closing Level 1,000
800
600
------
400
------------------------------------------------------------------------------------ ------ ------ -------
200
RBS Gold Trendpilot(TM) Index
Inception Date
Jan 24, 2011
---------------
0
10/1975 7/1978 5/1981 3/1984 12/1986 10/1989 8/1992 5/1995 3/1998 12/2000
10/2003 7/2006 5/2009 2/2012
Past performance is not indicative of future results. It is not possible to
invest directly in an index. Source: Bloomberg. Refer to the RBS Gold
Trendpilot[] ETN pricing supplement for additional information.
The graph is the historical performance of the Price of Gold Bullion and the
Price of Gold Bullion 200-Day Moving Average. This illustration does not
reflect any historical Trendpilot[] Index performance. The RBS Gold
Trendpilot[] Index (USD) was created on January 24, 2011.
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Exchange Traded Note (ETN) performance
RBS Trendpilot [] ETNs daily redemption value historical performance as of
06/30/2012 (%)
Daily redemption values(1) Ticker Inception date 1-Month 3-Month 1-Year Year-to Since RBS ETN
(%) (%) (%) date (%) inception (%)
------------------------------------ ------ -------------- --------- ---------- ------- ---------- -----------------
RBS US Large Cap Trendpilot[] ETN TRND 12/6/10 4.04 -2.99 -3.39 8.94 4.85
==================================== ====== ============== ========= ========== ======= ========== =================
RBS US Mid Cap Trendpilot[] ETN TRNM 1/25/11 1.81 -5.17 -14.09 2.15 -8.78
------------------------------------ ------ -------------- --------- ---------- ------- ---------- -----------------
RBS NASDAQ-100([R]) Trendpilot[] ETN TNDQ 12/8/11 -0.03 -7.54 - 11.82 11.55
------------------------------------ ------ -------------- --------- ---------- ------- ---------- -----------------
RBS China Trendpilot[] ETN TCHI 4/13/12 -0.03 - - - -5.14
------------------------------------ ------ -------------- --------- ---------- ------- ---------- -----------------
RBS Gold Trendpilot[] ETN TBAR 2/17/11 -0.03 -0.10 6.41 5.16 15.75
------------------------------------ ------ -------------- --------- ---------- ------- ---------- -----------------
RBS Oil Trendpilot[] ETN TWTI 9/13/11 -0.03 -6.48 - -1.52 2.42
Note: Cash Rate on 06/30/12 was 0.095%
The tables above present the actual performance of the RBS ETNs over the
specified periods. Note that the daily redemption value at any given time may
be more or less than the stated face amount of the RBS ETN or the price that
was paid for the RBS ETN. For information regarding the performance of the
relevant index that each RBS ETN tracks, please refer to the relevant pricing
supplement filed with the US Securities and Exchange Commission ('SEC') . Past
performance does not guarantee future results.
Note: (1) Includes the deduction of the annual investor fee, which accrues on a
daily basis. The annual investor fee will be equal to: (i) (a) 1.00% per annum
when the applicable Trendpilot[] Indices that are tracked by the RBS US Large
Cap Trendpilot[] ETNs, RBS US Mid Cap Trendpilot[] ETNs, RBS Gold Trendpilot[]
ETNs and the RBS NASDAQ -100([R]) Trendpilot[] ETNs are tracking, respectively,
the S and P 500([R]) Total Return Index, the S and P MidCap 400([R]) Total Return
Index, the Price of Gold Bullion and the NASDAQ -100([R]) Total Return
Index(SM) and (b) 1.10% per annum when the applicable Trendpilot[] Indices that
are tracked by the RBS Oil Trendpilot[] ETNs and RBS China Trendpilot[] ETNs
are tracking, respectively, the RBS 12-Month Oil Total Return Index and the BNY
Mellon China Select ADR Total Return Index(SM); and (ii) 0.50% per annum when
any of the Trendpilot[] Indices that are tracked by the RBS ETNs are tracking
the yield on a hypothetical notional investment in three-month US Treasury
bills as of the most recent weekly auction (the 'Cash Rate').
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Disclaimer
RBS China Trendpilot[] Index, RBS US Large Cap Trendpilot[] Index (USD), RBS US
Mid Cap Trendpilot[] Index (USD) and RBS Gold Trendpilot[] Index (USD) are the
property of The Royal Bank of Scotland plc, which has contracted with S and P Opco,
LLC (a subsidiary of S and P Dow Jones Indices LLC) ("S and P Dow Jones Indices") to
maintain and calculate these Trendpilot Indices. The S and P 500[R] Index and the
S and P MidCap 400[R] Index are the exclusive property of S and P Dow Jones Indices and
have been licensed for use by RBSSI and its affiliates in connection with the
RBS US Large Cap Trendpilot[] Index (USD) and the RBS US Mid Cap Trendpilot[]
Index (USD), respectively. S and P Dow Jones Indices shall have no liability for
any errors or omissions in calculating these Trendpilot[] Indices. S and P[R] is a
registered trademark of SPFS Standard and Poor's Financial Services LLC ("SPFS")
and Dow Jones[R] is a registered trademark of Dow Jones Trademark Holdings LLC
("Dow Jones") . These trademarks have been licensed to S and P Dow Jones Indices.
"Standard and Poor's[R]", "S and P[R]", "S and P 500[R]" and "S and P MidCap 400[R]" are
registered trademarks of SPFS and together with the "Calculated by S and P Dow
Jones Indices Custom" and its related stylized mark(s) have been licensed for
use by RBSSI and its affiliates. The RBS China Trendpilot[] ETNs, RBS US Large
Cap Trendpilot[] ETNs, RBS US Mid Cap Trendpilot[] ETNs and RBS Gold
Trendpilot[] ETNs are not sponsored, endorsed, sold or promoted by S and P Dow
Jones Indices, SPFS, Dow Jones, their affiliates or their third party
licensors, and neither S and P Dow Jones Indices, SPFS, Dow Jones, their affiliates
or their third party licensors make any representation regarding the
advisability of investing in such RBS ETNs.
NASDAQ[R], OMX [R], NASDAQ OMX [R], NASDAQ -100 [R], NASDAQ -100 Index[R] and
NASDAQ -100 [R] Total Return Index(SM) are registered trademarks and service
marks of The NASDAQ OMX Group, Inc. and are licensed for use by RBS plc. The
RBS NASDAQ -100 [R] Trendpilot[] Index is the property of RBS plc. RBS plc has
contracted with The NASDAQ OMX Group, Inc. (which with its affiliates and
subsidiaries is referred to as the "Corporations") to calculate and maintain
the RBS NASDAQ -100 [R] Trendpilot[] Index, either directly or through a third
party. Currently, the RBS NASDAQ -100 [R] Trendpilot[] Index is calculated and
maintained by Standard and Poor's ("S and P") on behalf of The NASDAQ OMX Group, Inc.
S and P and the Corporations shall have no liability for any errors or omissions in
calculating the Index. The RBS NASDAQ -100 [R] Trendpilot[] ETNs, which are
based on the RBS NASDAQ -100 [R] Trendpilot[] Index, have not been passed on by
the Corporations or S and P as to their legality or suitability and are not
sponsored, endorsed, sold or promoted by the Corporations or S and P. THE
CORPORATIONS AND S and P MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO
THE RBS NASDAQ -100 [R] TRENDPILOT [] ETNs.
RBS Oil Trendpilot[] Index (USD) and RBS 12-Month Oil Total Return Index (USD)
are the property of RBS plc and are calculated by NYSE Arca, a wholly-owned
subsidiary of NYSE Euronext. The RBS Oil Trendpilot[] ETNs, which track the RBS
Oil Trendpilot[] Index (USD) and RBS 12-Month Oil Total Return Index (USD), are
not issued, sponsored, endorsed, sold or promoted by NYSE Arca, and NYSE Arca
makes no representation regarding the advisability of investing in such ETNs.
NYSE ARCA MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY
DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
WITH RESPECT TO THE RBS OIL TRENDPILOT[] INDEX (USD) OR RBS 12-MONTH OIL TOTAL
RETURN INDEX (USD) OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL NYSE ARCA
HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL
DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH
DAMAGES.
BNY Mellon is a corporate brand of The Bank of New York Mellon Corporation and
may be used as a generic term to reference the corporation as a whole or its
various subsidiaries. BNY Mellon and BNY Mellon ADR Indices and BNY Mellon DR
Indices are service marks owned by The Bank of New York Mellon Corporation.
This information is provided for general purposes only and is not investment
advice. We provide no advice nor recommendations or endorsement with respect to
any company, security or products based on any index licensed by BNY Mellon,
and we make no representation regarding the advisability of investing in the
same. BNY Mellon's Depositary Receipt business is conducted through BNY Mellon.
BNY Mellon does not guarantee the accuracy, timeliness and/or completeness of
BNY Mellon ADR Indices and BNY Mellon DR Indices, or any associated indices, or
any data included therein, and BNY Mellon shall have no liability for any
errors, omissions, or interruptions therein. BNY Mellon makes no express or
implied warranties, and expressly disclaims all warranties of merchantability
or fitness for a particular purpose or use with respect to BNY Mellon ADR
Indices and BNY Mellon DR Indices or any associated indices, or any data
included therein, or any materials derived from such data. Without limiting any
of the foregoing, in no event shall the company have any liability for any
special, punitive, indirect, or consequential damages (including lost profits),
even if notified of the possibility of such
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